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Want to get up to speed on the week’s hottest stories? Here are five of the stories Inman readers found most important.
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Consumer watchdog the CFA has welcomed the federal agency’s proposal to ban sellers from offering compensation, calling it a “major watershed moment” in boosting competition in real estate.
The real estate industry has taken a beating in 2023 — rising mortgage rates have frozen home sales, consumer confidence has hit new lows, several landmark lawsuits threaten buyer agent commissions, and the National Association of Realtors can’t get out of the way. While the industry hopes for a brighter 2024, Keller Williams co-founder Gary Keller said agents need to prepare for another round of serious headwinds.
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The Consumer Federation of America, a watchdog group, reviewed 43 contracts from 37 states, mostly from state or local associations of Realtors, and found practices it said deserved scrutiny.
Image source: Redfin
According to the lawsuit filed in federal court, California resident Andrea Freedlund filed the lawsuit on behalf of home sellers who paid buyer’s agents in the four years before Redfin announced it was withdrawing from NAR.
Confused about commission cases? Bernice Ross provides a rundown of what you need to know, what changes are most likely to happen, how it might affect your wallet and the steps you can take to prepare for the future.
